Singapore Billionaire Gets Windfall as Dream Deal Comes True
- Goh Cheng Liang takes majority control of Nippon Paint
- Deal boosts fortune of pigment mogul’s family to $24 billion
Photographer: Eman Jamal/Moment RF/Getty Images
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Almost a decade ago, the son of Singapore pigment mogul Goh Cheng Liang set his sights on gaining control of Japan’s biggest paint maker. He finally succeeded, and that’s been a boon for the family’s wealth.
Their Wuthelam Holdings Pte. took a majority stake in Nippon Paint Holdings Co. in a $12 billion deal that was completed last month, according to filings this week. That’s boosted their fortune to $24 billion from about $16 billion before the alliance was announced, according to the Bloomberg Billionaires Index.